The Fiducia MGA

What The Fiducia MGA does

The Fiducia MGA is a UK specialist Managing General Agent (MGA) that underwrites niche commercial insurance lines on behalf of Lloyd's Syndicates and A-rated UK insurance companies. Founded in Leeds in December 2015 by Gerry Sheehy — the former founder of NMU, which was sold to Munich Re in 1999 — and commencing underwriting in November 2016, the company has maintained profitability since formation and grown to between 11 and 50 employees. Its product portfolio spans marine cargo, freight liability, engineering (contract works, contractors plant, machinery movement, machinery damage, machinery business interruption), fine art and specie, marine equipment, terrorism, combined liabilities, and (as of February 2026) vehicle transportation. All risks are placed on annual or facultative short-period policies with quote-based pricing set by empowered underwriters, and coverage is distributed exclusively through insurance brokers.

The company's operating model relies entirely on third-party capital rather than proprietary underwriting platforms or AI tooling. Distribution is relationship-led via dedicated regional development underwriters in the UK, Scotland, north east England, and Ireland, augmented by digital channels through the Acturis SaaS insurance platform (Cargo U-Trade product, launched October 2023) and the Broker Insights VISION platform (strategic partnership renewed July 2025). Claims management is outsourced to specialist partners: W K Webster & Co and its subsidiary ITAL handle cargo and freight liability claims, while Gallagher Bassett Technical manages engineering and construction claims. The company is regulated by the UK Financial Conduct Authority (FRN 981008) and, for EU/EEA business, operates through the Fiducia Europe Cell, a protected cell of Jatco Insurance Brokers PCC Ltd in Malta regulated by the Malta Financial Services Authority (FEC-16877). Capacity is provided by leading Lloyd's Syndicates and, for EU cargo operations, Dublin-based Allied World (AWAC).

Fiducia targets SME and mid-market commercial clients across the UK, EU/EEA, USA (surplus lines), Switzerland, and — for reinsurance business — worldwide. Its primary end-customer segments include importers, exporters, logistics operators, freight forwarders, warehousekeepers, marine and subsea equipment contractors, fine art dealers and collectors, contractors and plant-hire companies, and property owners requiring terrorism cover. The company generates revenue through insurance premiums collected on annual and facultative policies across its specialist lines, with a $12.5m marine cargo and fine art reinsurance facility extending its risk-bearing footprint globally (excluding Europe). Geographic reach has expanded materially since 2022 through the Malta protected cell, while product breadth has grown through four new product launches since 2023.

Name

The Fiducia MGA

Legal name

The Fiducia MGA Company Limited

Website

https://fiduciamga.co.uk

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

The Fiducia MGA is a UK specialist Managing General Agent founded in 2015 that underwrites marine cargo, freight liability, engineering, fine art and specie, terrorism, and combined liability insurance through brokers, with 100% of capacity backed by Lloyd's Syndicates and A-rated UK insurers and operations spanning the UK, EU/EEA, USA and Switzerland.

Ownership category

akta.pro rank

Product category

Specialty Insurance Underwriting (Marine Cargo, Freight Liability, Engineering, Fine Art and Specie)

NAICS

Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Insurance Program Administration & MGA/MGU Services (FSAEADAK)

Keywords

• Specialist insurance underwriting
• Marine cargo insurance
• Freight liability cover
• Engineering insurance products
• Managing general agent

Headquarters

HQ city

Leeds

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Premiums: Fiducia MGA earns revenue through insurance premiums collected on annual and short-period policies across its specialist product lines including marine cargo, freight liability, engineering, fine art and specie, marine equipment, terrorism, and combined liabilities.
2. Reinsurance Facility: The reinsurance facility allows Fiducia to take on a portion of risk and write up to USD $12.5m Line of Marine Cargo and Fine Art and Specie risk globally (excluding Europe) on a facultative and/or annual policy basis.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

The Fiducia MGA is a specialist Managing General Agent (MGA) that designs, underwrites, and distributes specialty commercial insurance products — principally marine cargo, freight liability, engineering, fine art and specie, marine equipment, terrorism, and combined liabilities — through UK, EU/EEA, and select international insurance brokers. All underwriting capacity is 100% backed by leading Lloyd's syndicates and A-rated UK insurers, and the company operates exclusively on a broker distribution model with empowered underwriters authorised to quote and bind directly.

Product overview

The Fiducia MGA is a specialist insurance underwriter offering a diversified portfolio of commercial and specialty insurance products. The company operates as a Managing General Agent (MGA) backed by leading Lloyd's Syndicates and A-rated insurance companies. Its product suite includes core lines: Marine Cargo, Freight Liability, Terrorism, Marine Equipment, Combined Liabilities, Fine Art and Specie, and Engineering insurance. Engineering products encompass Contract Works, Machinery Contract Works, Contractors Plant, Machinery Movement, Machinery Damage, and Machinery Business Interruption. The company also offers European Risks through its Malta-based Fiducia Europe Cell, and Vehicle Transportation Insurance for transport operators. Products are distributed exclusively through broker partnerships with market-leading service levels and empowered underwriters.

Differentiator

Problem solved

Functional benefit

Products and services

• Marine Cargo Insurance Cover for domestic and international goods in transit with the ability to extend to include storage risks for stock throughput requirements. Offered on annual or facultative bases with competitive rates and market-leading wording, targeted at importers, exporters, logistics companies, and freight forwarders.
• Freight Liability Insurance Liability cover for hauliers, couriers, freight forwarders and warehousekeepers who transport or store goods on behalf of customers for hire and reward. Protects against liability under contractual conditions or by statute and convention, including physical loss or damage, mis-delivery, consequential loss and accidental delay.
• Terrorism Insurance Cover for acts of terrorism or sabotage resulting in physical damage and business interruption, with capacity of £250m any one occurrence (higher limits potentially available). Covers property owners, retailers, hospitality businesses, entertainment venues, manufacturers, and any business with significant business interruption exposure, including non-damage BI such as denial of access and loss of attraction.
• Marine Equipment Insurance All Risks cover for physical loss or damage to marine and subsea equipment whilst in transit, in store, whilst topside aboard vessels or whilst operational in water on a 24/7 basis. Targeted at commercial diving contractors, offshore service contractors, aquaculture service contractors, oil and gas exploration operators, and alternative energy providers.
• Combined Liabilities Insurance Aimed at hauliers, couriers and warehousekeepers, covering single vehicle operators to national logistics operators. Includes Employers Liability, Public Liability, Product Liability, Material Damage, Business Interruption, Business All Risks, Book Debts, Money, and Commercial Legal Protection.
• Fine Art and Specie Insurance Targeted at SME operations including private collections, exhibitions, dealers and precious metals, with a maximum liability of $10 million (circa £8 million) per risk. Backed by two leading Lloyd's Syndicates, with capacity deployed on primary or excess of loss basis. Risks can be written direct in the UK, USA and Switzerland, with reinsurance available worldwide excluding Europe.
• Engineering Insurance Suite Suite of Engineering insurance products for businesses of all sizes including Contract Works, Machinery Contract Works, Contractors Plant, Machinery Movement, Machinery Damage, and Machinery Business Interruption. Policies available on annual or project-specific bases. Engineering inspection services are provided through partnership with Bureau Veritas to help clients meet statutory engineering inspection requirements.
• European Risks Insurance (Fiducia Europe Cell) Provides insurance and underwriting services to clients in EU/EEA states across Engineering and Cargo/Freight facilities. Operates as a protected cell of Jatco Insurance Brokers PCC Ltd in Malta, regulated by the Malta Financial Services Authority (MFSA) under MFSA Financial Services Register Reference Number FEC-16877.
• Vehicle Transportation Insurance Provides Freight Liability cover for clients moving vehicles on behalf of customers for hire and reward. Designed for operators ranging from single vehicle transporters to national vehicle transportation companies working with manufacturers, dealerships, garages and private owners. Includes sector-specific extensions and an optional déclassé extension for new vehicles.
• Cargo U-Trade (Marine Cargo) Cargo U-Trade is Fiducia's Marine Cargo product accessed via the Acturis SaaS insurance platform, giving brokers direct access to experienced and empowered cargo underwriters. It encompasses all types of goods with capability to extend to stock in the UK and/or overseas, and offers a stock-throughput solution for limits exceeding £20m any one location.

Quantifiable outcome

• Profitable record maintained since formation in 2016

Segments8 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Partnerships

Seven partnerships are on record, tiered strategic, core and supporting.

• Broker InsightsstrategicGTM or Marketing Partner · 7 July 2025Fiducia renewed its strategic partnership with Broker Insights to use the VISION platform for deepening broker engagement, enhancing market visibility, and identifying in-appetite business opportunities across marine cargo, freight liability, engineering, combined liability and terrorism product lines.
• Acturis LtdcoreTechnology or Integration · 5 October 2023Fiducia launched its Cargo U-Trade product on the Acturis platform, providing brokers direct access to experienced and empowered cargo underwriters through the platform. Acturis is a leading SaaS provider to the insurance industry serving over 100,000 individuals in over 40 countries.
• Jatco Insurance Brokers PCC LtdcoreChannel Partner/ Reseller/ DistributorJatco Insurance Brokers PCC Ltd operates as a Protected Cell Company in Malta. Fiducia Europe Cell is a protected cell of Jatco, allowing Fiducia to provide insurance and underwriting services to clients in EU/EEA states. Jatco is authorised under the Insurance Distribution Act Cap. 487 and regulated by the Malta Financial Services Authority (MFSA).
• Bureau VeritassupportingStrategic or Co-development PartnerThrough partnership with Bureau Veritas, Fiducia assists clients with statutory engineering inspection requirements. Bureau Veritas provides innovative, flexible and efficient inspection services for contractors plant and machinery.
• W K Webster & Co LtdcoreImplementation/ SI/ Consulting PartnerW K Webster & Co Ltd and its subsidiary International Transit and Liability (ITAL) are appointed as independent claims management consultants to oversee and manage all Cargo and Freight liability claims for Fiducia MGA.
• International Transit and Liability (ITAL)coreImplementation/ SI/ Consulting PartnerSubsidiary of W K Webster appointed to manage Freight Liability claims on behalf of Fiducia MGA.
• Gallagher Bassett TechnicalcoreImplementation/ SI/ Consulting PartnerGallagher Bassett Technical appointed to oversee and manage all Engineering & Construction claims for Fiducia MGA. Contact details provided for Llantrisant office.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• NMU (Netherlands Mortgage and Underwriting / now Munich Re): Fiducia's founder Gerry Sheehy previously built and sold NMU to Munich Re in 1999; NMU under Munich Re remains one of the largest marine cargo underwriting agencies in the London market and is the most direct historical and operational analogue to Fiducia's specialist MGA model.
• Allianz Global Corporate & Specialty (Marine): Major marine cargo and freight liability insurer that competes for the same London-market broker relationships as Fiducia and is a key employer for the same underwriter talent pool from which Fiducia has hired multiple senior underwriters.
• Zurich Insurance UK Marine: Direct competitor in UK marine cargo, freight liability, and fine art/specie; multiple Fiducia underwriters (Mike Hall as ex-Head of Marine, James Moore, David Heeney) previously worked at Zurich, making it a near-perfect operating comparable.
• Chaucer Insurance (Hanover Insurance Group): Lloyd's-combination insurer/MGA specialising in marine, energy, engineering and liability lines; closely comparable business mix and broker-distribution model to Fiducia's specialist MGA approach.
• Miller Insurance Services: London specialty broker and MGA with a strong marine and energy practice and delegated authority arrangements; operates a similar broker-distribution, specialty-lines model to Fiducia in adjacent marine and engineering niches.

Broad incumbents

• Hiscox: London-based specialty insurer offering marine, fine art, terrorism and other specialty lines through brokers; operates more broadly than Fiducia but competes head-to-head on the fine art & specie and marine cargo product sets.
• Beazley: Lloyd's-based specialty insurer with marine, terrorism and engineering capabilities; a broader specialty carrier whose marine and engineering offerings overlap with Fiducia's combined liabilities, engineering, and marine cargo products.
• QBE Insurance UK: Global insurer with significant UK marine, freight liability and engineering offerings distributed through London brokers; competes with Fiducia in the same broker channel for marine and engineering risks.
• Markel International: London-based specialty insurer with marine, fine art, engineering and liability lines underwritten through brokers; broader product set than Fiducia but materially overlapping customer segments and broker channel.
• Ardonagh Specialty (including previous marine operations): Large UK specialty insurance group with broker distribution and marine expertise; broader portfolio but overlaps with Fiducia in the marine and freight liability product sets sold through the same London broker channel.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/the-fiducia-mga-co-limited

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Fiducia MGA